The First Trade… Proving solid ground,

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Tuesday’s close had recovered from its 2141.50 low back up to Thursday’s 2153.50 low. That was still well under Monday’s 2165.00 close. The requirement to test Thursday’s low was neutralized, and now oversold RSIs at 2141.50 require a retest..

Overnight action’s new info…
Trending down shallowly overnight has nevertheless been relentless. Selling accelerated briefly as Europe’s opens triggered a 6-point slide to 2145.25. That has since firmed to attack 2150.00.

If, then…
Closing at Thursday’s 2153.50 low Tuesday suggests the current downleg is only temporary. Closing above Thursday’s low could have suggested the downleg is done. Instead, a retest of Tuesday’s 2141.50 low is likely, especially if Wednesday’s open doesn’t gap up. Entering the noon hour under Tuesday’s low would suggest a much deeper downleg underway.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2142.50 would be likely to trigger the 2146.75 bias-down signal at 10:15. Exiting the open above 2150.50 would be unlikely to trigger bias-down.